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  "docSlug": "416ab93b6285",
  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-09-11 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 31,
  "pageCount": 294,
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  "slideType": "peer_benchmark",
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  "density": "overcrowded",
  "nDataPoints": 10,
  "notes": "The chart uses a 'fully-leased' adjustment to normalize for real estate ownership differences.",
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      "kind": "callout",
      "text": "Despite high AUV and ~4.5x the scale of peers on average, Darden's operating performance is significantly worse than peers",
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      "kind": "callout",
      "text": "Despite high AUV and ~4.5x the scale of peers on average, Darden’s operating performance is significantly worse than peers",
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      "text": "Estimated LTM EBITDA margins on a fully-leased basis",
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      "text": "We believe fully-leased EBITDA is the best metric by which to judge Darden's operating performance, as opposed to the earnings generated through site selection and capital investment in real estate. To calculate fully-leased EBITDA, we adjusted Darden and each of its peers' EBITDA assuming that they pay full market rent on every location that is owned or ground leased. Darden's low fully-leased EBITDA margins reflect a bloated cost structure and poor operating performance.",
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      "kind": "metric",
      "text": "EBITDA margin: 7.3%",
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      "kind": "paragraph",
      "text": "Adjusting for real estate ownership, Darden's margins are significantly below peers, despite the fact that it has an enormous scale advantage and is led by Olive Garden, which should be an extremely profitable concept given its high AUV and pasta focus.",
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      "kind": "source-note",
      "text": "Source: Company filings, Capital IQ, company presentations and Green Street Advisors.",
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      "text": "Operating performance is significantly worse than peers, despite Darden's scale advantage",
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